Konami and Saban in the frame for 4Kids
Friday, 8th June 2012 at 10:44 am
Assets could be divided after indirect Konami subsidiary enters a bid for firm.
4K Acquisition Corp - an indirect subsidiary of Konami - has joined Saban in the frame for 4Kids Entertainment.
The firm entered a bid for the company late last week, offering to purchase substantially all of the assets of 4Kids in a transaction under Section 363 of the Bankruptcy Code.
The prior 'stalking horse' bidder is Kidsco Media Ventures, an affiliate of Saban Capital Group.
After several rounds of competitive bidding, the auction has now been postponed, with an alternative proposition of each party instead acquiring some assets of 4Kids, which could lead to additional profits than a sale of the company as a whole.
The last bids prior to the adjournment will remain binding until July 31st. If the proposed alternative transaction is not agreed by 4Kids, 4K and Kidsco Media Ventures will resume bidding.
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